(c) If all amounts due hereunder have been paid on the Termination Date, Lessor shall (i) sell
the Aircraft on an AS IS BASIS for cash to the highest bidder; and (ii) refund the proceeds of such
sale (net of any related expenses) to Lessee up to the amount of the Termination Value paid by
Lessee. If such sale is not consummated, no termination shall occur and Lessor shall refund the
Termination Value (less any expenses incurred by Lessor) to Lessee.

     (d) Notwithstanding the foregoing, Lessor may elect by written notice, at any time prior to
the Termination Date, not to sell the Aircraft. In that event, on the Termination Date Lessee
shall: (i) return the Aircraft (in accordance with Section 11); and (ii) pay to Lessor all amounts
required (x) under Section 17(b)(ii)(a) less the amount of the highest bid certified by Lessee to
Lessor and (y) under Section 17(b)(ii)(b).

     (e) If Lessor exercises its rights to increase Lessee’s rental obligations under Section 3(a),
Lessee may, upon ninety (90) days notice and so long as no default exists under the this Lease,
terminate this Lease as of any Rent Payment Date




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| **18.** |  | **EARLY PURCHASE OPTION:** |